The Taycan is Porsche's first electric car, and it has its sights set on the significantly less expensive Tesla Model S.

Both the Turbo and Turbo S models will be available by the end of 2019, and Porsche says it already has thousands of orders for the Taycan.

The Porsche Taycan may break new ground as Porsche's first ever EV, but it's a Porsche through and through—right down to its steep price. The first two models to go on sale will be the $152,250 Taycan Turbo and the $186,350 Taycan Turbo S. The Turbo has 670 horsepower and the Turbo S has 750 horsepower, and both use a 93.4-kWh battery pack (an EPA range estimate for the Taycan is still pending).

That starting price may not sound too crazy considering that the gas-powered Porsche Panamera Turbo starts at $154,350, but it makes this new EV significantly more expensive than its chief rival, the Tesla Model S. The Tesla has benefited from numerous price cuts as of late and its Performance trim, which offers 345 miles of range and a claimed zero-to-60-mph time of 2.4 seconds, now starts at $101,190. Even with all of its options, the Tesla tops out at $116,190.

Porsche does say that the first examples of the car will come equipped with certain options such as the panoramic sunroof, meaning they will start $2610 higher. The first Taycan units will go on sale by the end of 2019.